Get That Dough
FAFSA is an acronym that stands for...
What is the Free Application for Federal Student Aid?
These are the three broadest categories of financial aid for college.
What are (1) grants/scholarships, (2) loans, and (3) work study?
What is the total interest made after 4 years on a simple interest loan that accumulates 13% each year and has original amount was $1350.
What is $720?
The money that a borrower owes to a lender. It can be accrued through any form of borrowing—credit cards, mortgages, personal loans, auto loans, etc.
What is debt?
This item is issued by a bank, business, etc., allowing the holder to purchase goods or services and pay for them at a later date.
What is a credit card?
This is what students who may not have all required documents can complete to receive financial aid for college in New Jersey.
What is the NJ Alternative Financial Aid application (HESAA--Higher Education Student Assistance Authority).
The minimum amount of credits a student must be enrolled in each semester to be considered attending full time and therefore eligible for financial aid.
What are 12 semester credits?
The average annual salary for a college graduate from a 4 year college or university in 2024.
What is $58,904?
Source: NJ Spotlight News
The type of federal direct loan on which the government pays the interest while the student is still attending school?
What is a subsidized loan?
This is used to complete an electronic payment that can be paid later but must be paid in full.
What is a charge card?
This is government funding ranging from $100-$4,000 for students who demonstrate additional financial need.
What is the Federal Supplemental Educational Opportunity Grant (FSEOG)? (This can be in addition to Pell Grants)
A college's total estimated expenses for one year including tuition, room and board, books, supplies, transportation, loan fees, and miscellaneous expenses.
What is the Cost of Attendance or COA?
Highest average annual earnings in 2022 was $160,180 for individuals with a bachelor's degree in this field.
What is actuarial science (the study of risk)?
The type of loan that continues to accrue interest payable by the student even if they are still in school.
What is an unsubsidized loan?
A lump sum payable annually for certain credit cards that can range from $95 to $500 or more, and may be offset by perks, such as airline miles, points, or cash back opportunities.
What is an annual credit card fee?
An agreement between state universities and state governments that allows students to attend out-of-state schools at a discounted tuition rate.
What is tuition reciprocity?
Determined using income tax returns, it's the amount of money a student's family will need to pay towards their COA.
What is Expected Family Contribution (EFC)?
This field will experience a whopping 35% increase in job opportunities from 2022-2032.
What is data science?
The fee charged by a lender to a borrower, usually expressed as an annual percentage of the principal (amount borrowed).
What is interest or interest rate?
Any resource (tangible or intangible, owned or controlled) that holds value. In other words, things that hold value that can be converted into money.
What is an asset?
A community service organization that provides benefits such as academic credit for service, priority admission points, subsidized room and board, or a textbook stipend to help finance a portion of a volunteer's college tuition.
What is AmeriCorps?
(founded in 1993 by President Bill Clinton)
The federal government uses the difference between an EFC and the COA for a particular school to determine this.
What is (FN) Financial Need?
The length of time it will take for money in a bank account to double if no money is withdrawn or newly deposited and the account earns 7% interest per year, compounded* monthly.
*compounded interest: interest that applies to both the initial amount AND the accumulated interest.
What is 10 years?
A temporary and voluntary postponement of a loan payment that may be offered by a loan holder.
What is deferment?
Important goals for young adults that include setting a budget, reducing debt, and starting an emergency fund.
What are the top 3 short term financial priorities?